Nigerian fintech firm Aella adds a raise of $10m through HQ Financial Group (HQF), a private company in Singapore specializing in new material science, semiconductor and blockchain financial investments.
Aella’s commitment which revolves around serving the underbanked population in West Africa and other emerging markets would be further established through this second debt financing round.
Aella plans to further establish its brand promise, upscale its lending operations to reach the poor, low-income earners, entrepreneurs, and budding enterprises without access to financial institutions.
Akin Jones, CEO of Aella reports:
Lack of access to credit and financial services have been the main impediment to MSME growth and poverty reduction in several emerging economies. Aella’s commitment to providing trustworthy credit to millions of people in the world’s emerging markets is improving financial inclusion, enabling MSME expansion and accelerating economic growth and this raise will allow us to scale our expansion across Africa quickly.
Aella will also invest in new products including a blockchain-based lending market called Creditcoin, to build borrower creditworthiness and aid in the acquisition of one million additional users by the end of 2020, making it the largest blockchain-backed financial services project that is currently operational.
Amongst other plans, Aella plans to invest in a blockchain-based lending enterprise; Creditcoin in order to build brand credibility and its 1million customer base target before the end of 2020.
The CEO buttressed:
We are building a one-stop app for all transactions partnered with regulated industry leaders to help distribute products faster, better and cheaper to end-users in Nigeria and across the markets we plan to launch. This app will allow users to access multiple financial services at low costs compared to what is currently available in the market.
Find related stories here…
Chief Executive Officer of HQ Financial Group reports:
We are excited to announce our partnership with Aella Credit which will significantly aid in the proliferation of micro-loan services to the underserved African populations who are unable to access banking services. HQF is impressed with their outstanding growth with very low default rate in the micro-loan business in Nigeria and looks forward, through this initial investment of $10m to new growth opportunities in Africa and South Asia.
Before now, Aella had been a part of notable seed funding outfits having raised $2m seed funding at the US startup program, amongst others, enabling its investment in digitization and technology.
This second raise opens a new phase for the startup to plunge into full-service lending and payments rendering her services across Africa.
Suggested Read: VISA BUYS PLAID FOR $5.3 BILLION – Biggest Fintech Deal!